30 



Early New York Paper Currency. 



of conceding, and the assembly appointed a treasurer to 

 receive and pay all money granted to the king and the 

 province, in place of the king's receiver general. A few 

 years later, parliament having passed an act regulating, on 

 a uniform scale, the rates of foreign coin in the planta- 

 tions, the general assembly remonstrated on the ground 

 that if money passed at the same rates here as at the West 

 Indies, it would not be worth the merchant's while to 

 bring the money, but rather the produce of those islands 

 in return for our produce ; and as our principal commerce 

 was to those parts, there would not be brought back 

 money enough to support either the government or com- 

 merce. It was claimed that the effect of both the procla- 

 mation and the act of parliament would be to establish 

 in the colonies a depreciated currency, and drive all the 

 gold and silver coin to England, and it was urged, there- 

 fore, that assent should be given to an act which the 

 assembly had recently passed, regulating the currency of 

 the colony. This act provided that Spanish pieces should 

 not pass at less than eight shilliugs per oz., troy — whereas 

 the proportion in the act of parliament was 6s. lOd. In the 

 absence of the royal assent, the governor, as requested, 

 ordered the execution of the latter (New York) act. 1 



As has already been stated, New England and New 

 York undertook, at the instance of the British govern- 

 ment, to drive the French from Canada, circular letters 

 having be.en addressed by the officer of the crown to the 

 governors of the American colonies, directing them to 

 assist in carrying on the expedition. A proposition was 

 immediately passed upon in the house of assembly of 

 New York 2 to raise 487 men as her quota for this pur- 

 pose. It was enacted that a tax of £6,000 should be 

 levied, but as funds were needed immediately, another act 



1 It was subsequently reported against by the board of trade, and vetoed 

 by the queen. 



2 May 25, 1709. 



